Unemployment leveling off?
Believe it or not, May's loss of 532,000 jobs proved to be the best month for private-sector job losses since November, according to the ADP employment index.
A disaster systems recovery company
Will consider the appeal on Friday.
For those who thought Chrysler would emerge from bankruptcy in a smooth, clean fashion this week, hold on.
Foreclosures could still weigh on the market.
Toll Bros. lost $83.2 million, or 52 cents per share, less than the $93.7 million, or 59 cents per share, it posted in the same quarter last year. Analysts had expected a loss of 50 cents per share.
Housing recovery dashed if above 5%?
Applications for new mortgages dropped 16.2% this week, a report from the Mortgage Bankers Association showed.
A victim of its own success
Aetna (AET, news, msgs) late Tuesday lowered its earnings outlook for the year, saying it now expects operating earnings between $3.55 and $3.70 per share for 2009, down from previous guidance of between $3.85 and $3.95. The consensus estimate is for $3.80 per share.
The insurance giant said it is seeing the continuation of a trend that started late in 2008 whereby enrolled members in its commercial businesses are using more services or higher-value services at hospitals and clinics. Aetna also cited lower projected revenue from Medicare for the lowered forecast.
So far this year, 36 banks have failed.
The government's list of problem banks rose to the highest level in nearly 15 years in the first quarter, the Federal Deposit Insurance Corp. said this morning.
The FDIC's list of "problem banks" grew to 305 banks in the first quarter of this year, up from 252 in the fourth quarter of 2008. The FDIC did not name any of the institutions but said that their assets climbed to $220 billion, up from $159 billion as of the end of last year.
Would be the largest industrial bankruptcy in U.S. history
GM bondholders, who hold $27 billion in unsecured debt from the company, rejected a debt-for-stock exchange, putting the automaker a step closer to bankruptcy.
The automaker needed more than 90% of the bondholders to agree to an exchange in which they would swap $1,000 of the debt for 225 shares of the company, getting a 10% stake in a reorganized GM. But the deal was accepted by "substantially less than the amount required," GM said.
GM said that any accepted offers will be returned to bondholders unconsummated.
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[BRIEFING.COM] The major averages have continued their rebound with the Nasdaq (+0.2%) climbing into the green thanks to the relative strength of the technology sector (+0.2%).
Chipmakers have fueled a good portion of the rebound while top-weighted tech components remain somewhat mixed. Intel (INTC 24.83, +0.10) is higher by 0.4% while the broader PHLX Semiconductor Index trades up 0.5%.
Technology notwithstanding, the energy sector (+0.2%) has also contributed to the ... More
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